Stryker – a leader in medical technologies – announced a definitive agreement to acquire all of the issued and outstanding shares of common stock of Inari Medical (Trades on Nasdaq under ‘NARI’) for $80 per share in cash, representing a total fully diluted equity value of approximately $4.9 billion.
Inari, which was launched in 2011, will bring a leading peripheral vascular position in the fast-growing segment of venous thromboembolism (VTE) to Stryker. And Inari’s innovative product portfolio is highly complementary to Stryker’s Neurovascular business and includes mechanical thrombectomy solutions for peripheral vascular diseases such as deep vein thrombosis and pulmonary embolism.
Every year, VTE impacts hundreds of thuosands of lives in the United States, with even more affected worldwide. And people are at particularly high risk for this condition during or just after a hospitalization (with or without surgery), during cancer treatment and during or just after pregnancy. Inari has solutions for VTE clot removal without the use of thrombolytic drugs.
Under the terms of the deal, Stryker will commence a tender offer for all outstanding shares of common stock of Inari for $80 per share in cash. And the boards of directors of Stryker and Inari have unanimously approved the transaction.
After the successful completion of the tender offer, Stryker will acquire all remaining shares not tendered in the offer through a second step merger at the same price as in the tender offer. The deal is anticipated to close by the end of the first quarter of 2025, subject to customary closing conditions.
KEY QUOTES:
“The acquisition of Inari expands Stryker’s portfolio to provide life-saving solutions to patients who suffer from peripheral vascular diseases. These innovations elevate the standard of care for venous thromboembolism patients and will accelerate Stryker’s impact in endovascular procedures.”
– Kevin Lobo, Chair and Chief Executive Officer, Stryker
“Inari has positively impacted the lives of hundreds of thousands of patients through the development of purpose-built tools that address unmet patient needs. With Stryker’s capabilities and global infrastructure, we will be even better positioned to accelerate the development of innovative new solutions and expand our footprint.”
– Drew Hykes, Chief Executive Officer, Inari
